Gulf Construction Online - Azizi begins work on $1bn Phase 4 of Riviera

Real Estate

With construction at Riviera in full swing, the Phase Four homes will be handed over to investors by 2022-end.

Azizi begins work on $1bn Phase 4 of Riviera

01 June 2021

Azizi Developments, a leading private developer in the UAE, has marked the ground-breaking and begun construction of the fourth phase of Riviera, its flagship masterplanned French Mediterranean-inspired lifestyle community situated in Dubai’s MBR City.

Phase Four of Riviera, being built at a cost of AED4 billion ($1.09 billion), will comprise 5,061 units, featuring 2,606 studios, 1,579 one-bedroom and 876 two-bedroom homes. All buildings will come with fully-equipped gyms, two swimming pools, saunas, steam rooms and children’s play areas, and are surrounded by vast green open spaces and other amenities.

Construction at Riviera is progressing swiftly, with the first phase now being 85 per cent complete, the second phase having reached more than 70 per cent, and the third phase already being over 40 per cent constructed.

The first homes in Riviera’s Phase One will be handed over this summer, with the last keys of Phase Four homes expected to be given to Azizi’s investors and end users by the end of 2022, marking the completion of the entire four-phase megaproject.

Commenting on the launch, Mirwais Azizi, Founder and Chairman of Azizi Developments, says: “We are excited to expand Riviera, our pride and joy in Dubai’s most sought-after residential destination, with yet another phase. The investor response to this community development has been phenomenal, surpassing our expectations – naturally, we are now adding to it to grant even more families the many benefits of this ideally located, well- connected, and carefully designed landmark community.

“Riviera appeals to families from all nationalities and walks of life – we look forward to enriching their lifestyles and remain steadfast in our commitment to catalyse the vision and development of this great emirate.”

Azizi’s Riviera, a stylish waterfront-lifestyle destination, will comprise approximately 16,000 residences that are conveniently located in the midst of all the business, leisure and retail hubs of the city. Riviera represents a new landmark, designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art but also about a certain ‘joie de vivre’ – a celebration of life, says the developer.

The homes offer spectacular views of the city’s skyline and ensure generous space, spread across three districts: an extensive retail boulevard, a canal walk with artisan eateries and boutiques, and Les Jardins – a lush-green social space. Moreover, the community will feature a cycling and jogging path throughout, set in green landscaping, several beautifully made water features, and stunning lighting that will light up all of Riviera at night.

Meanwhile, Azizi Developments has announced the sale of 486 out of the 645 units at its world-class Creek Views I project in Dubai Healthcare City.

The sold units comprise 325 studios, 138 one- and 20 two-bedroom homes, as well as three retail spaces, making up for 75 per cent of the total sellable units, says the company.

The AED550-million development was sold mostly to UAE nationals, with Emiratis representing 25 per cent of the investors, followed by India with 14 per cent, Saudi Arabia with seven per cent, and Jordan with six per cent.

So far, more than 45 nationalities have purchased units in Creek Views I, underscoring Azizi Developments’ efforts in getting foreign nationals to invest in Dubai.

Two-bedroom apartments were the most popular choice, with all 20 having been sold, it states. This was followed by studios, with 88 per cent of them having been snatched up by investors, then by one-bedroom units of which 63 per cent have been sold. Moreover, three out of the 11 retail spaces have also been purchased by savvy buyers, it adds.

Among other developments, Azizi has awarded AED117-million contracts to Multiscale Aluminium & Metal Industries for providing aluminium, glass, and metal works services at 31 of its projects spread across Dubai Healthcare City, Al Furjan, and MBR City.

Multiscale Aluminium & Metal industries is a specialist in metal, aluminium, glassworks, external cladding, canopies for villas and mid- and high-rise buildings.

On the key tie-up, Chief Development Officer Mohamed Ragheb Hussein says: “After a stringent, comprehensive review of all possible supplier options, Multiscale has emerged as the absolute best pick for our aluminium, metal and glass needs. We are delighted to welcome their work to our projects – a move that our investors will benefit from immensely through a noteworthy value-add in the form of the highest quality of materials at reasonable, competitive prices, making our properties more affordable and customer ROIs (return on investments) even higher.”

“Riviera, one of the projects encompassed by this new agreement, will be home to 71 mid-rise buildings,” he explains.

Azizi has also appointed Rocks & Logs Stone Works for the supply and installation of natural stone as well as external wall cladding for several buildings across Phase Two of Riviera.